The property investment market is changing and evolving like never before. Working with a buy-to-let mortgage broker who has their finger on the pulse of the opportunities and mortgage options will help give you a competitive advantage. Particularly if they have a wide knowledge base and experience of the various buy to let mortgage options.
Of course, there are lots of things to consider and think about when you need a buy-to-let mortgage, so as buy-to-let mortgage brokers we have come up with our 7 top tips to consider.
Buy to let mortgage broker points to consider:
So before I dive into explaining why a buy to let mortgage broker is more important than ever before for someone who is investing in property, here are the high-level points I’ll be covering off:
- Why is it important to use a mortgage broker and are they important?
- What can a mortgage broker do differently to you?
- How can a mortgage broker help?
- Why is it important to use an independent advisor?
- How a personal mortgage service can really help?
- When speed is important for a mortgage application!
- How a mortgage broker can save you time, hassle and headaches!
Why it’s important to use a buy to let mortgage broker:
Understanding the different criteria, product selection, and of course, all the niche buy to let lenders, is a specialist skillset for the experienced buy to let mortgage broker. Like any industry, if you are not in it, all the time, you will never be as good as someone who is.
For serious property investors, it is far better to let a professional help them as it will save them time and money in the long run by avoiding costly mistakes.
The market is changing far too quickly for an investor to get it right. The whole buy to let mortgage process is not only complex but is confusing with different lenders, products, fees, and options available! So don’t make the mistake of thinking you can do it alone.
Oh and did I mention, you have the added complication of lending criteria with different rules for each lender. This should not be underestimated how important and complex it is.
Lending criteria can vary wildly from one lender to another. Whenever we look at a case for a client we are always trying to identify what we call the ‘red flags’! These are the issues on a case that we know need more detailed research. It is not uncommon to see 5-15 issues that need covering off. It is very rare for a case to go through research without any ‘issues’ that need more investigation.
Now let me put these issues into context for you when we are researching. We go through the process and check off each issue with a lender. Any particular lender might be okay with one or two of the issues on a case, but then the third, fourth, fifth, etc throw it out. So you can see the more issues there are on a case, the harder it is to find a suitable lender who is willing to lend. It is not always about the interest rate, it is very much about who is also willing to lend. Of course, I am not saying the rate is important, it is. But you need to find a lender who is not only the cheapest but who will also lend to you.
Whether you are an experienced landlord or looking to take your first steps onto the buy to let ladder, using a buy to let mortgage broker is critical.
And please, for those of you who say “there is nothing complex” about my situation…trust me there is a high probability, it is way more complex than you can imagine. The funny thing is we get told this on a regular basis all the time!
I am empathetic enough to realize that these people have no idea how complex their own individual circumstances are. After all, they aren’t working in our industry day in day out. So that’s fine. But when you next say to a mortgage broker, I am just looking for a simple mortgage and there is nothing complicated about it…just stop and think!
What can a mortgage broker do differently to you?
In theory not much, but in practice a lot.
Before I detail any specifics the fact remains that there are specialist buy to let mortgage lenders out there who only deal with buy to let mortgage brokers. So this on its own will limit anyone looking for their own mortgage.
Not only this but buy to let mortgage brokers are specialists in their field. It's what they do, day in and day out.
By working with us you’ll know whether your plans are possible or not quickly. And if they are possible you’ll also know with confidence that your application will be dealt with speedily, efficiently, and most importantly successfully.
We don’t throw mud at the wall hoping a few mortgages will stick, while the others fall at the wayside. We only advise something can be done, if we are 100% confident. Of course, we aren’t always perfect, but we certainly try to be. We offer quality independent mortgage advice and value our clients like family. Just take a look at our reviews, testimonials, and our success rates/process. We publish our KPI’s (key performance indicators) to show we don’t just talk the talk.